The euro-backed stablecoin market has seen a resurgence since the implementation of the European Union’s (EU) Markets in Crypto-Assets Regulation (MiCA) last year, with its market capitalization doubling following the rollout of these regulations in June 2024, as reported by a recent study.
The “Euro Stablecoin Trends Report 2025” published by Decta, a London-based payment processing firm, indicates a possible turning point for stablecoins tied to the euro, which have traditionally lagged behind their U.S. dollar-pegged counterparts. This marks a significant rebound from a 48% decline the previous year, as stated in the report, and stands in stark contrast to the 26% growth witnessed in the overall stablecoin market cap.
As of May 2025, the market capitalization of euro stablecoins reached approximately $500 million, primarily driven by enhanced issuer obligations and standardized reserve criteria. Currently, it stands at $680 million, according to CoinGecko data. Nevertheless, this remains a mere fraction of the $300 billion attributed to U.S. dollar-pegged tokens, with Tether’s USDT leading the market and Circle Internet’s (CRCL) USDC following closely.
Growth has been particularly prominent among a handful of notable tokens. EURS, issued by the Malta-based company Stasis, recorded an impressive increase, skyrocketing 644% to reach $283.9 million by October 2025. Similarly, Circle Internet’s EURC and EURCV from Societe Generale’s SG-Forge also enjoyed significant growth.
Transaction volumes surged correspondingly. The monthly trading volume for euro stablecoins surged nearly ninefold following the MiCA implementation, reaching US$3.83 billion. EURC and EURCV benefitted significantly, with volume increases of 1,139% and 343%, respectively, driven by a rise in usage for payments, fiat on-ramps, and digital-asset trading.
Public awareness appears to be on the rise as well. Decta observed notable increases in search activity throughout the EU, including a 400% surge in Finland and a 313.3% rise in Italy, alongside more modest but steady growth in areas like Cyprus and Slovakia.
